Bridge Loan For Multifamily Property

Loan Type:
Bridge Loan
Loan Amount:
$25,895,000
Loan Term:
3 YR
Amortization:
Interest Only
Recourse:
Non-Recourse
LTV:
73%

Challenges

• The 100,000 square-foot, 174-unit multifamily complex had to follow specific redevelopment guidelines in order to take advantage of the city’s tax abatement program.
• This vacant apartment complex was in disrepair and needed a total gut renovation. The plan included adding a concierge lobby, two new elevators, meeting space and a 1,400 square-foot gym within an atrium connecting the buildings.
• Multi-phase business plan required extensive work on the property.

Solutions

• Money360 provided certainty of execution for our borrower.
• As part of a regeneration initiative, the city was motivated to financially assist with the building renovations in the form of tax abatements.
• We structured this deal as a 36-month bridge loan with two 12-month extension options that provided the necessary funds in terms beneficial for our borrower.

Ken Wood

Money360

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